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29m ago

ExxonMobil Greenlights $6.8 Billion Hammerhead Project in Guyana for 2029 Start

The move brings seven approved Stabroek developments to more than $60 billion in committed spending.

Aerial view of tthe Guyana Shore Base in Georgetown, Guyana.
ExxonMobil logo is seen in this illustration taken, October 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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Overview

  • Hammerhead is expected to deliver first oil in 2029 using an FPSO designed for about 150,000 barrels per day.
  • Exxon estimates Hammerhead will comprise 18 production and injection wells.
  • MODEC holds the FPSO contract for Hammerhead and has established an Operations and Maintenance Enabling Agreement for its Guyana fleet.
  • ExxonMobil operates Stabroek with a 45% stake, alongside Chevron at 30% and CNOOC at 25%.
  • Overall Stabroek capacity recently reached roughly 900,000 barrels per day following the Yellowtail startup, and associated gas from Hammerhead will be routed to Guyana’s gas-to-energy project.